ISTANBUL

YıldızHolding has said that Turkish lenders offered to consolidate its separate loans and refinance them through a new syndicated loan in response to a Bloomberg News report, which initially claimed that the company wanted to extend its repayment dues.

YıldızHolding has met with lenders following preliminary 2017 earnings and 2018 projections, the holding said in an e-mailed statement following a Feb. 9 Bloomberg report that the group was seeking to restructure debt with 10 banks.

The lenders, led by Yapı & Kredi Bank, offered to consolidate Yıldız’s separate loans and refinance them through a new syndicated loan, the firm added.

ÜlkerBisküvi, YıldızHolding’s largest listed unit in Turkey, then said it has a strong financial structure and its debt ratios are low compared to international standards and peers.

“Based on the 2017 financial data prepared in accordance with the Tax Procedure Law, ÜlkerBisküvi A.Ş. and related companies achieved record high growth in Turkey based on production, sales and export operations,” the company also said to the Public Disclsoure Platform (KAP) on Feb. 9, after the company’s shares fell 2 percent.

Compared to the year 2016, net sales of ÜlkerBisküvi A.Ş increased by 14 percent and the net profit improved by 39 percent compared to the same period, according to the statement.

“Our company has a strong financial structure and its debt ratios are low compared to international standards and peers,” it said.

Yıldız, owned by Murat Ülker, has been on a global acquisition spree over the past decade, buying many assets including the U.K.’s United Biscuits.